Dynamic support to trading daily pips is not something each need to use !
Hello Sophie, please explain what you mean by this?
you are correctā¦ Iām still learning the basics so Iām experimenting around with what to do and how to doā¦ PA is an style that I wanna learn and masterā¦
Goodā¦please take the time to learn PA, am sure there is much to learn form the thread, then most importantly for the sake of trading psychology, please get a mentor who will coach you on how to avoid such mistakesā¦
Grix
Goodā¦please take the time to learn PA, am sure there is much to learn form the thread, then most importantly for the sake of trading psychology, please get a mentor who will coach you on how to avoid such mistakesā¦
Grix
If you learn and master PA, then success is near my friend. I also want the similar this
Thatās why I am engaging in this thread.
Is a long from 13320 tp 13420 sl 13297 a good setup?
Looking at the 4 hour USDJPY, the Nikkei is down, hence the pair is also going down with it.
The 23.6 Fib level seems like a good place to get into a short after a pullback. This level seemed to have acted as support, but the last two candles were unable to break it to the upside.
Looking at the 4 hr USDCAD chart, the pair is sitting on a key support area, if it breaks, then look for a short position at this level after a pullback.
As always, looking for Chrisās input on these.
Got stopped out
Hi Chris,
Need your advice. The eu pair has fallen 100 pips today. Does this signal a momentum change or is it still bullish?
Are there any good trader psychology books I can buy from Amazon or Waterstones or somewhere? Im interested in many areas of trading, and thats one of themā¦ In particular, one to do with adrenalineā¦
Im sure Im not the only one who gets a massive heart race because of the excitement of placing a market order!
Thoughts would be nice.
Apex.
Hi Flam,
It appears that youāre not having a good go at this. I would suggest you read up Chrisās previous posts especially his weekly commentaries.
I followed his commentaries and analysis and got into a long position. See my chart below. You see how the price is respecting the dynamic support line which is the EMA and also where the green arrow was resistance now turned support.
At the moment Iām up a few pips so I have set that as my stop loss at break even. So if it moves against me, Iāve exited at break even and will re-enter a long position at another lower price.
Hi, im just guessing that after 500-600 pip run it is prolly gonna retrace to at least 61 fib of that swing. Over a longer term 134 is a fib level which would increase the chance of retracement I think.
As advised by Chris to look long a long position to 13420 would seem logical but a break of 13298 daily pivot would signal a run to go lower aiming 13177. I think.
Feel free to flame me as Iām still n00b so I should be wrong
Nope, not here to flame you or anyone else. I am a noob myself. I am not saying youāre wrong either.
When I am not having a successful run (which happens to the best of us as well) at a trade or trades, I usually exit out of all my positions and walk away from trading for a few days. This give me a chance to clear my head and re evaluate the market.
We all view the market differently, so if youāre in it for the long run, then you maybe right depending on how much margin is in your account to hold the position for the market to come back. However, I am into short term trading so I donāt hold any positions for more than a day or two. I close shop on or before Friday.
Hope this helps.
Hey Piptronix,
I was hoping to get more responses, but only got less than 4, so was going to wait for a few more to answer/respond, but its been on my mind for sure.
Kind Regards,
Chris Capre
Hello Flam,
This is just my observation, but it feels like you are trying to be right, instead of just trading what the market is presenting. The market is not here to prove you are right, and that is not how one can develop as a trader.
500-600 pip runs do not mean a retracement has to happen. Check out the GBPUSD at the start of the year - which went for a 1400 pip run before doing any sort of reversal. AU since it got sold off heavily from 1.0200, is not at 9400/9500, which is over 700 pips lower with no real retracement.
So instead of trying to come up with scenarios your current negative trade could be right, start trading what the market is giving you, which is opportunities in the here and now.
Sorry if Iām being harsh - I do not mean to, just sharing my thoughts.
Spend more time trading what you see (not what you think).
Hope this helps
Kind Regards,
Chris Capre
Nicely done Sandlent - very good entry to dynamic support - with trend trade - well done all around!
Kind Regards,
Chris Capre
Is this excitement from demo or live trading?
Just curious, but I might have a few suggestions for reading.
Kind Regards,
Chris Capre
This is live trading Im talking about. I get this constant thud in my chest, like when Im at an interview, my heart just lives of this rush!
Watching a position move in your favour, and then taking profitā¦ Words cant describe properly my love for the market.
About your question, I dont think you can get them same feelings with a demoā¦ Its just not the same thing.
Look forward to your suggestionsā¦ The only trading books I have are from Benjamin Graham, so it would be nice to update my libraryā¦
Hope that helps.
Apex.
Well its not so much books Iād recommend, because learning something conceptually doesnāt help you bring down your heartbeat.
Iād recommend doing some heavy physical exercise before trading. The endorphins will relax you, and the exercise will have exhausted the likelihood youāll get an adrenaline rush.
You could also try yoga/meditation before trading to get yourself in a more relaxed state, but adrenaline is not something you want pumping through you in large doses, for you will make bad/worse decisions if the adrenaline gets too high.
So learn the reactions of the body, learn how to counter-act them, and do exercises to train yourself to be more relaxed while trading.
Hope this helps.
Kind Regards,
Chris Capre